June 14, 2017
Wealthsimple, Carrot Rewards team up on financial literacy initiative
TORONTO – Wealthsimple and Carrot Rewards, two of Canada’s fastest growing technology companies, are partnering on an innovative pilot project aimed at boosting financial literacy amongst Canadians. Users will be able to earn points they can use towards free movies, gas, travel and more by completing short learning exercises on financial topics.
The initial program of this partnership will be aimed at educating Canadians about the Registered Education Savings Plan, or RESP. To start, the program will be delivered to 190,000 Canadians through the popular Carrot Rewards app.
Bruce Sellery, a personal finance expert and Carrot advisor, helped develop the program. “Post-secondary education is getting more expensive every year,” said Sellery. “The RESP provides Canadians with a strong incentive to save for their kids. When you contribute to an RESP, the government provides a grant of 20 per cent of your contribution, up to $500 per child per year. Where else can you get a guaranteed 20% return on your investment?”
The program will launch in June through the Carrot Rewards app.